China has unveiled a series of new measures aimed at strengthening financial support for its pension system and promoting the growth of the silver economy. In a recent announcement, the People’s Bank of China, along with eight other authorities, outlined 16 key initiatives designed to enhance financial services for the elderly population.
The measures include providing diversified financial services, directing more resources to rural areas, and assisting individuals in financial planning for retirement. The country plans to expand financing channels for industries related to the silver economy by increasing credit support and direct financing.
Efforts will also focus on improving the design and management of pension products, cracking down on illegal financial activities, and enhancing financial literacy and consumer protection for older citizens. According to the official document, China aims to establish a supportive financial system for pension services and the silver economy by 2028.
This move comes as China addresses the challenges posed by its aging population. On Thursday, the government announced the expansion of a private pension scheme from 36 pilot cities and regions to the entire country. This scheme complements the existing national pension system, providing an additional layer of support for the elderly.
By bolstering its pension system and silver economy, China is taking significant steps to ensure the well-being of its growing senior population while also fostering economic development in related sectors.
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China to step up financial support for pension system, silver economy
cgtn.com
